July 8, 2017 | Auction Snapshot – Saturday 8th of July 2017
Our team was out in force at auctions today and wanted to report on some of the activity.
25 Merton Street, Albert Park
Agency: Marshall White
Auctioneer: Oliver Bruce
Agent’s expected price range: $3,100,000 – $3,400,000
Date: Saturday 8th of July 2017 10:30am
Over 70 people braved the cold and gathered on Merton Street to watch the grand Victorian terrace go under the hammer. The renovated home with 4 bedrooms, 2 bathrooms and a double lock up garage is part of the longest row of terraces in Victoria (16 in total). With the formalities finished, the auctioneer passed it over to the crowd for their participation only to be met with silence. An opening vendor bid of $3,300,000 was placed and still no one engaged forcing the agents to refer to the vendor. Upon returning, there were still no genuine bids and the property was passed in at $3,300,000. Currently a price is being negotiated on the property.
13 Loch Street, Yarraville
Agency: Biggin Scott
Auctioneer: Tristan Tomasino
Agent’s expected price range: $1,000,000 – $1,100,000
Date: Saturday 8th of July 2017 11:30am
Neighbours and onlookers gathered on the quiet street of only 18 houses to watch the hammer go down on 13 Loch Street Yarraville. Nearly 60 people gathered as the auctioneer went through the particulars of sale. With the introduction complete, he handed it over to the crowd whom stayed silent.
With an opening vendor bid at $1,000,000 kicking off the auction, a young man flanked by family members joined in with a $20,000 rise. 2 more participants responded and with all 3 parties bidding the property was announced on the market at $1,150,000. One of the bidders in particular remained calm in the face of his competition, repeatedly breaking the bids down. His persistence paid off with his competition being squeezed out with $5,000 and $1,000 bids until the hammer finally fell at $1,172,000.
17 Pickett Street, Footscray
Agency: Trimson Partners
Auctioneer: Philip Mazzella
Agent’s expected price range: $1,250,000 – $1,350,000
Date: Saturday 8th of July 2017 12:30pm
Onlookers numbering into the 30’s shivered in the cold to watch the auction of the single fronted Victorian. The 3 bedrooms and 1 bathroom property that is currently being used as a doctors clinic sits on 300sqm of land and has development potential. With the formalities finished, the auctioneer handed it over to the crowd for their participation. An opening vendor bid placed at $1,000,000 failed to kick start the auction with a second vendor bid at $1,075,000 placed after. Without any genuine bids, the property passed in. An undisclosed price was negotiated shortly after by the agents.
112 Wattle Valley Road, Camberwell
Agency: Buxton
Auctioneer: Steve Hatzi
Agent’s expected price range: $1,500,000 – $1,600,000
Date: Saturday 8th of July 2017 2:00pm
With cars lining both sides of the street, a crowd of nearly 80 swelled outside the entrance of the Camberwell dwelling. The home on 800sqm of land drew strong numbers, with 4 bidders engaging in the auction.
An opening bid of $1,950,000 started the auction off strongly and set the tone; within 5 bids the property was announced on the market at $2,200,000. As the price climbed, 2 of the parties bowed out leaving only 2 bidders. With the price sitting at $2,275,000, one of the contenders submitted a $1,000 bid only to be countered with a $24,000 rise taking the property to $2,300,000.
It seemed as though the house was about to be knocked down however, 2 parties at the end seemed unsure if they would re-engage forcing the auction to continue. After several tense minutes and multiple warnings, the auctioneer, knocked the property down at $2,300,000.